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The Latest Breaking News from Inflation

Record inflation has hit even Lebanon's garbage. 'Trash just isn't like it used to be'

BEIRUT — Rolling to a stop on his overladen scooter, Shaher Hassan awkwardly balanced five bags and a carton full of cans, plastic bottles and other recyclables mined from the trash that day.

Los Angeles Times

Grocery price inflation falls to lowest monthly rate this year - but still remains high

Inflation dropped to 16.5% for the four weeks to June 11, according to Kantar - this is down from 17.2% the previous month and a further decline from the record 17.5% recorded in March

Daily Mirror

Inflation forces supermarkets to up £1 items to £1.25, data shows

Kantar survey is released day before official figures expected to show a slight easing in UK inflation rate

The Guardian - UK

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Hunt rules out mortgage support or food price caps; Mortgage ticking time bomb is ‘now exploding’ – as it happened

Jeremy Hunt faces calls to introduce mortgage interest tax relielf from Conservative MPs at Treasury Questions, and rules out price caps on food

The Guardian - UK

Deadly tragedy off the coast of Greece exposes how human traffickers are exploiting Pakistan's economic meltdown

Pakistan is experiencing a confluence of crises attributed to a decline in governance standards. Security challenges, chiefly posed by terrorism, have exacerbated the country’s economic deterioration, which in turn has given rise to energy shortages, rampant unemployment and soaring inflation rates.

The Conversation

Ending Nigeria's fuel subsidy pushes a shift to solar. Without a climate plan, progress is at risk

Nigeria's removal of a subsidy that helped reduce the price of gasoline has increased costs for people already struggling with high inflation

The Independent UK

‘Finely balanced’: June interest rates hike was sparked by fresh inflation fears, minutes reveal

The Reserve Bank's decision to raise interest rates to a fresh decade high in June was "finely balanced", minutes reveal.

The New Daily

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RBA says decision to lift interest rate in June was ‘finely balanced’, easing expectations of further hikes

Minutes from RBA meeting on 6 June show the board was concerned about the ‘considerable uncertainty regarding the outlook for household spending’

The Guardian - AU

UK ‘hurtling into mortgage disaster’ as rates near highs seen during Truss turmoil

‘No one’s at the helm of the ship, we don’t know where we’re going to end up,’ warns one mortgage broker

The Independent UK

The Fed Won't Save Us From the Inflation Iceberg

Plus: Was Gerald Ford right to pardon Richard Nixon?

Reason

RBA says jobs market too tight to control inflation

Australia has managed to engineer full employment but the extreme competition for workers risks keeping inflation higher for longer.

AAP

'Tough choices' for NSW amid per-capita recession worry

NSW families are being warned about tough decisions that must be made on government spending as inflation bites the country's largest employer.

AAP

Is the UK heading for its ‘biggest ever’ house price crash?

Homeowners are “on course for a brutal reckoning”, say experts, as the UK mortgage crisis risks triggering the largest house price crash on record.

The Week

Average two-year fixed-rate mortgage tops six percent for first time in 2023

The average two-year fixed-rate homeowner mortgage on the market has topped 6 per cent for the first time this year.

The National (Scotland)

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Daily Mirror

Major supermarkets lower or freeze prices on almost 250 products in good news for shoppers

The major supermarket chains Morrisons and M&S have announced they are to cut and freeze prices across a number of customer favourites in their stores

The New Daily

‘Mortgage stress’: New home owners squeezed hardest as repayments skyrocket

Many new homeowners could see half their incomes consumed by mortgage repayments in coming months as the RBA hikes rates.

The Independent UK

Government urged to end ‘mortgage horror show’ as average two-year rate tops 6%

Calls for intervention were made as the average two-year fixed-rate mortgage deal topped 6% for the first time this year.

Evening Standard

Interest rates could rise to 6% as City fears Bank of England losing inflation battle

The picture could get significantly better or worse this week with two key economic events on the calendar

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The Independent UK

Average two-year fixed-rate mortgage tops 6% for first time in 2023

The last time that the average two-year fixed-rate mortgage was 6% or higher was in December 2022, according to figures from Moneyfactscompare.co.uk.

Evening Standard

Morrisons cuts prices of nearly 50 items as hopes mount of easing food inflation

Tesco boss Ken Murphy said last week there were ‘early signs’ that rampant food price inflation is starting to ease

The Independent UK

‘This is going to sting’: What would a mortgage crisis mean for homeowners and renters?

Current rates of nearly 6 per cent causing equivalent ‘stress’ to double-digit rates of 1980s, Andy Gregory writes

The Guardian - AU

NSW must help Reserve Bank ‘slay the inflation dragon’, state treasurer says

Daniel Mookhey to give major speech to parliament outlining the state’s finances as budget delayed until September

The Guardian - UK

Average two-year fixed rate mortgage deal hits 6% for first time this year, as Sunak rules out extra help – business live

Average mortgage rates hit highest level since December, as asking prices for British homes fall in June for the first time in six years

The Guardian - UK

Sunak says no extra help with mortgages as fixed rates climb to 6%

Prime minister says no new support available for households struggling to pay loans

The Independent UK

Sunak rules out mortgage support as he urges banks to help struggling homeowners

PM wants banks to offer ‘bespoke support’ – as average two-year fixed-rate mortgage hits 6% and lenders pull deals

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